Buttonwood SF Founder Petitions California's Proposed Bitcoin Bill
The founder of Buttonwood SF has started an online petition against a California legislative proposal for regulating digital currencies. Penned by Assemblyman Matt Dababneh, chairman of the state's Banking and Finance Committee, the proposal aims to regulate virtual currency businesses under the state's Money Transmission Act. In so doing, the bill, otherwise known as AB-1326, would prohibit virtual currency businesses from operating unless they are licensed by the Department of Business Oversight (DBO) or have received an exemption from the agency. John Light, the founder of Buttonwood....
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California is getting closer to outright legalizing Bitcoin in the state with the proposed bill clearing a committee vote yesterday. Back in September of last year, California passed AB 786, a piece of legislation that makes it easier doing in-state business for Bitcoin startups. This time, a bill dubbed as AB-129 Lawful Money, which would legalize cryptocurrencies in the state, passed the Senate Banking and Financial Institutions Committee yesterday by a 7-1 vote. Previously, the bill was unanimously approved in the California Assembly by a 75 to 0 vote. The next step for the bill will be....
On August 30, legislators of the California State Assembly passed a bill on Digital Financial Asset Law. The bill, dubbed AB 2269, reached to Gavin Newsom, Governor of California, for final approval without a single objection by assembly members. The proposed notion required crypto companies to achieve a regulatory license from the Department of Financial […]
The ongoing debate about the role of governments in regulating digital currencies isn't going away anytime soon. While the dustup over New York's BitLicense program continues, another front has opened up in California where a member of the state assembly has introduced a bill to regulate California's digital currencies businesses. The Washington, D. C. -based Coin Center and the San Francisco-based Electronic Frontier Foundation (EFF) each have lobbied hard against the New York Department of Financial Services attempts to regulate New York businesses with its controversial BitLicense....
Just when the things were looking right for Bitcoin in the State of California, a new draconian bill jumped in to step on the silver platter. Proposed by Californian Assembly Member Matt Dababneh, the Bill AB 1326 proposes an enduring law that could ban unlicensed Bitcoin businesses in the state. The real trouble however lies in the fact that the bill never categorizes the kind of businesses that come under the newly proposed law. So in case one wants to, say, build a new Bitcoin-based feature, he/she would be required to obtain a license from the Commissioner of Business Oversight after....
In the world of digital currency, misinformation spreads quickly, and there may be no greater recent example of this than California Assembly Bill 129, a piece of proposed legislation that has been heralded somewhat incorrectly as an already successful move by the state to "legalize cryptocurrencies". Though, the bill would recognize digital currencies as "lawful money", it would also ensure the legal footing of additional forms of legal tender such as points and coupons, and is currently only halfway to becoming law. Regardless, many in the digital currency community have high hopes that....